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Analyst: If tensions between the US and Iran ease, it could trigger a larger-scale profit-taking in the gold market.
Deep Tide TechFlow News, February 5th, according to Jinshi Data, UBS Group’s asset management arm EFG International believes that there are currently multiple factors that could lead to a further correction in gold prices. EFG senior economist GianLuigi Mandruzzato pointed out that the sharp fluctuations in gold prices on January 29th, when gold briefly touched $5,600 per ounce in the European market, highlight increasing risks of a correction. He stated that although the likelihood currently appears low, any easing of tensions regarding Iran could prompt investors to reassess their gold holdings. Additionally, Mandruzzato added that the appointment of the new Federal Reserve Chair—who is seen as independent from Trump and credible on inflation issues—is expected to boost investor confidence in dollar assets, thereby reducing demand for safe-haven assets.